Analysts at Rabobank note that the China has pledged that it would press ahead with the “concrete” measures it had agreed with the US at the G-20, and there was talk of immediate purchases of US soy and LNG, as well as a crack-down on intellectual property (IP) abuses.
Key Quotes
“Talk is of course cheap. In fact it’s arguably China’s cheapest export. As such, the US is still considering pressing ahead with tariffs against Chinese firms who have already taken advantage of US IP using either existing or new laws.”
“Nonetheless, US President Trump to tweet: “Very strong signals being sent by China once they returned home from their long trip, including stops, from Argentina. Not to sound naive or anything, but I believe President Xi meant every word of what he said at our long and hopefully historic meeting. ALL subjects discussed!” Trump was also pleased at China announcing it would clamp down on exports of fentanyl, a deadly opioid wreaking havoc in the US in what some have dubbed China’s revenge for the Opium Wars. Again, however, talk is cheap.”
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